Download App
iOS & Android

U.S. Crypto Legislation Faces Uphill Battle in Republican-Controlled House, Key Lawmakers Target 2024

Efforts to pass US crypto legislation through the House of Representatives this year have been delayed until 2024 due to the recent fight over installing a new speaker. The legislation still faces an uphill battle in the Senate, which is controlled by Democrats. However, success in the House may move the Senate to approve the bills. The House Financial Services Committee is focusing on two major crypto bills, one to regulate US stablecoin issuers and another to form a broad system of rules for crypto markets. Passing the bills may require attaching them to must-move legislation, such as a spending bill.


All Comments

Recommended for you

  • On Compressionism

    How a technological necessity is becoming the face of a burgeoning realm of cryptoart
  • Attorneys general of many U.S. states: SEC is expanding the definition of “investment contract”

    Law enforcement officials from Montana, Arkansas, Iowa, Mississippi, Nebraska, Ohio, South Dakota, and Texas submitted a joint amicus brief (or friend of the court brief) to the United States Securities and Exchange Commission in the lawsuit against Kraken on Thursday. The brief states that the states are not supporting the exchange, but rather opposing federal regulatory agencies. If the SEC wins, it may prioritize state consumer protection laws and state regulations surrounding cryptocurrencies.
  • Nigeria Detains Binance Executives Amidst Allegations of Currency Manipulation and Illicit Fund Movements

    The Nigerian government has detained two senior executives of Binance, a cryptocurrency exchange platform, as part of a wider crackdown on crypto platforms. The move comes amid concerns over currency manipulation and illicit fund movements, which have been blamed for weakening the value of the local currency, the naira. The Central Bank of Nigeria has raised concerns over the flow of funds through Binance Nigeria, highlighting the need for regulatory scrutiny and collaboration among government agencies. Binance has disabled its peer-to-peer function for Nigerian users in response to the crackdown, raising uncertainties about trading on the platform. The future of crypto trading in Nigeria remains uncertain.
  • Liang Fengyi: If relevant service providers do not submit a license application, they must end their business in Hong Kong on or before May 31

    Leung Fung-yee, the executive director of the Securities and Futures Commission, said that service providers who have not submitted license applications should end their business in Hong Kong by May 31st. The list of applicants is expected to be updated tomorrow.
  • Central Bank of Nigeria: Transaction volume through Binance Nigeria reached $26 billion in one year

    Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), recently revealed that the trading volume through Binance Nigeria has reached $26 billion in just one year. The governor of Kaduna State in Nigeria expressed concern about the opaque nature of these transactions, indicating the possibility of illegal financial activities. CBN is working with the Economic and Financial Crimes Commission (EFCC), the police, and the National Security Adviser's Office to dig up more information and strengthen market integrity.
  • Nigeria detains Binance executive over crypto crackdown

    According to a report by the Financial Times, a source revealed that after Nigeria decided to ban multiple cryptocurrency trading websites last week, executives from Binance flew to Nigeria. However, they were detained by the country's National Security Adviser's office and their passports were confiscated. An adviser from the office did not immediately respond to a request for comment. Binance refused to comment.
  • Fed's Williams: Three rate cuts in 2024 are reasonable options for us to discuss

    William Williams of the Federal Reserve stated in a speech that conducting three interest rate cuts in 2024 is a reasonable option being discussed among Fed officials.
  • DOJ appoints Unabomber prosecutor to lead new FTX investigation

    The US Department of Justice's bankruptcy division has appointed Robert J. Cleary, the prosecutor in the "Unabomber" (UNABOM) case, to lead a new investigation into FTX. According to court documents, Cleary has been asked to review potential conflicts of interest involving Sullivan & Cromwell, the bankruptcy law firm for FTX. He has also been asked to review investigations conducted by FTX's new management team, creditors, and government regulatory agencies, and to examine whether other FTX employees were involved in fraudulent activity prior to the company's collapse in November 2022. It is reported that Cleary's appointment and investigation must be approved by Judge John Dorsey.
  • Hong Kong Financial Secretary: The first phase of the currency bridge project is expected to be launched this year

    The Financial Secretary of the Hong Kong Special Administrative Region Government, Paul Chan Mo-po, mentioned the latest developments of the Digital Hong Kong Dollar and Digital Renminbi in Hong Kong when releasing the "Budget for 2024-2025". Regarding digital finance, Chan Mo-po stated that the Hong Kong Monetary Authority completed the first phase of the pilot program for "Digital Hong Kong Dollar" (i.e. "Digital Currency at Cyberport") in October last year, studying local retail use cases in multiple categories, such as programmable payments, offline payments, tokenized deposits, etc. The second phase of the pilot program is about to be launched to further study new use cases. Another key project, the "mBridge" (also known as the "Currency Bridge Project") for the cross-border network of central bank digital currencies, has also made progress, and the first phase of services is expected to be launched this year, becoming one of the first projects in the world to settle cross-border transactions of enterprises using central bank digital currencies. In addition, the trial scope of the digital renminbi will be expanded in Hong Kong, and citizens will be able to easily open and use digital renminbi wallets and add value through Hong Kong's fast retail payment system "Faster Payment System", further improving cross-border payment efficiency and user experience.
  • SBF proposes sentencing range of 63 to 78 months for FTX fraud convictions

    FTX founder SBF proposed a sentence range of 63 to 78 months for FTX's fraud conviction, as shown in SBF's sentencing memorandum.